The Pike at Rainbow Harbor, an expansive outdoor shopping center in the heart of the city’s downtown shoreline, has sold for $50 million, with plans advancing for a multi-million-dollar makeover ahead of the 2028 Olympics.
The mall, built in 2003 on the former grounds of a seaside amusement park at a cost of $130 million, is one of the largest outdoor shopping centers in the region, with more than 40 shops and restaurants and a 14-screen theater on 18 acres of city-owned property, interspersed with a courtyard, 2,200-car parking structure and a pedestrian bridge over Shoreline Drive.
The 394,616-square-foot open-air mall attracts about seven million visitors annually and averages a 91% occupancy rate, according to the buyer. It has several prominent retailers, including a Nike Factory Store, H&M, Levi’s, P.F. Chang’s, Gladstones, California Pizza Kitchen, and Starbucks, among others…